Creating a High Growth Economy for Upstate New York

In 1956, thirteen of the 500 largest U.S. companies were headquartered in Upstate New York... Today, we are down to ONE! 

New jobs are created by young, high-growth businesses: Over the past 30 years, businesses less than five years old (i.e., startups) were responsible for nearly all new jobs, with the top 1% of young firms creating 40% of jobs (see Kauffman Research). These “high growth” companies deliver technically advanced products and services, employ highly educated talent, and are fueled by private investment (venture) capital.

Upstate New York is falling short of its potential: With Wall Street nearby and over 100 colleges and universities training 500,000 students and getting $2 billion in research grants annually, Upstate should be filled with high-growth companies. Each year, hundreds of Upstate students are launching companies out of their dorm rooms, but most graduate and leave without anyone finding out. Expatriate entrepreneurs have told UVC that their primary reason for leaving was the inability to find other entrepreneurs who could act as mentors and/or business partners.  Finally, when it comes to private capital, Upstate gets as much venture capital investment as Alaska, Hawaii, and Puerto Rico.

Upstate Venture Connect's Mission is to increase entrepreneurial opportunities for Upstate New York's highly educated and creative talent.  Our initiatives connect Upstate New York's startups to supporters across the region and beyond; and we are launching private capital backed accelerators to speed high-growth entrepreneurship.